business

UAE’s ADNOC, JBIC sign $3 billion green financing agreement

The credit facility is part of JBIC's GREEN lending program and is partially supported by Japanese commercial banks

Kuwait projects $61.7 billion budget revenues over next four years

Kuwait needs economic reforms for fiscal sustainability and diversifying non-oil revenues, says Minister

Saudi Arabia issues 121,521 business registrations in Q2 2024, up 78 percent year-over-year

E-commerce saw a 17.47 percent yearly increase, reaching 40,697 registrations

14 Saudi sports clubs slated for privatization in latest push to modernize industry

The first batch of clubs includes Al-Zulfi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba, and Al-Kholood

China’s service trade soars to $415.6 billion in first five months of 2024, posting 16 percent growth

Exports amounted to approximately 1.22 trillion yuan, up 11 percent, while imports stood at 1.8 trillion yuan

Qatar’s non-oil private sector hits fastest growth in a year and a half, PMI reaches 55.9 in June

Companies continued to expand employment and the 12-month outlook remained strong

Saudi Arabia’s PIF expands Middle East-Asia Investments, invests $500 million in Hong Kong conglomerate

The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan

Eurozone composite PMI drops to 50.9 in June as business growth slows sharply

A strong expansion in the dominant services industry failed to offset a further deterioration in manufacturing

Oman climbs five spots in 2024 Competitive Industrial Performance Index

Oman's tech investments, automation, and supply chain consolidation have driven economic improvement

Saudi Arabia’s current account surplus surges to $7.6 billion in Q1 2024, driven by strong service exports

Services exports in the three months to the end of March hit $15.64 billion, the second-highest quarterly figure on record

Tadweer Group launches four new subsidiaries to enhance waste recycling, conversion in Abu Dhabi

Tadweer Environmental Services and Solutions will focus on public waste collection activities

Oil prices slide as weak U.S. economic data raises demand concerns

Brent crude futures were down 48 cents, or 0.55 percent, at $86.86 a barrel

Emerging economies set to dominate future agricultural growth over next decade: Report

India and Southeast Asian countries are projected to account for 31 percent of global consumption growth by 2033.

South Korea’s foreign reserves fall $620 million in June amid currency swap, bond payments

As of the end of June, the country’s foreign reserves stood at $412.21 billion

UAE’s 7X reveals expansion plans to strengthen diversified portfolio, global presence

As a member of the Universal Postal Union representing 192 countries, 7X can facilitate access to a global postal network

UAE’s ADNOC Drilling awarded $733 million contract for three AI-powered island rigs

These new rigs will support the growing operations at the offshore Zakum field

UAE’s ADIB releases comprehensive ESG report, highlights $1.51 billion in sustainable finance and net zero commitments

The bank reduced Scope 1 emissions by 65 percent compared to 2022 and set 2030 emissions reduction targets for six portfolio sectors

Dubai’s Q2 residential real estate market soars with 35,310 transactions and 20.5 percent YoY growth

The surge was driven by the rising popularity of customizable units and stable investment returns

Oil prices hold near two-month high as inventory draw offsets hurricane worries, dollar weakness

Brent crude futures for September delivery rose 0.2 percent to $86.41 per barrel

U.S. manufacturing PMI slips below 50 in June as demand remains subdued

This marked the 19th contraction in the manufacturing sector over the last 20 months

UAE’s ADNOC embraces AI for sustainability, drives $500 million in savings and 1 million tons of carbon cuts

Last year, ADNOC implemented over 30 AI tools to improve the efficiency of its projects